Restructuring; CBN sacks 200 staff members.

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The Central Bank of Nigeria (CBN) has taken a significant step in its restructuring efforts, leading to the dismissal of over 200 officials on Friday. This decision comes amidst an ongoing disengagement process within the institution, which had already seen 117 staff members relieved of their duties between March 15 and April 11, 2024.

Issuing sack letters on May 24, 2024, the CBN's Human Resources Department cited a "restructuring process" aligned with the bank's new mission as the rationale behind the dismissals. The aim is to reorganize the institution for more effective operations, necessitating a realignment of its structure with its functions and objectives.

Earlier, in February, the apex bank had redeployed approximately 1,500 staff members to its Lagos office. This move aimed to ensure a more even spread of talent and skills within the organization, in line with recommendations from the facility manager and the Committee on Decongestion of the CBN Head Office. These measures are designed to enhance safety standards and optimize the operational environment within the bank as it continues its mission to serve Nigeria's financial landscape.

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